Bitcoin Review 08/06/2024

Financial and commodity markets analytics

Bitcoin, after a sharp collapse in quotations on Monday, recovered quite quickly and found balance inside the support zone, which it quickly overcame in the wake of panic sales. Of course, this equilibrium can be deceptive and we may see a retest of the lows. However, it cannot be ruled out that after the situation stabilizes, in the absence of triggers for a resumption of the decline, the market will resume growth from current levels. To make trading decisions, it is necessary to monitor the price dynamics in the current zone and the information background.

Meanwhile, former US President Donald Trump reiterated that if the United States does not develop the digital asset sector, other countries will take their place. In a recent interview, Trump warned the Biden administration against selling American bitcoin reserves.
In addition, Trump proposed using a small amount of bitcoins to pay off the huge national debt of the United States in the amount of $ 35 trillion. He believes that due to the limited issue, bitcoin can eventually be valued higher relative to the depreciating dollar, which will gradually transfer most of the country's wealth into a new form of value preservation and a more stable monetary system based on strict mathematical principles.